Friday, November 7, 2014

Much more affordable homes

MONTREAL - The value of homes located in Florida should continue to increase over the coming years, which will help Quebecers who own a property, according to a study from BMO. 

Overall, house prices in the US rose 20% over the past two years. However, this catch is less than the fall started since their peak in 2006, according to the survey.

Florida is very popular with Canadians, who are the most numerous foreign buyers in the state. More than 500,000 Canadians are currently holding property.

It must be said that the prices of houses Floridian remain low compared to those of Canadian real estate. The median price of a home is $ 124,000 while the Unite States reached $ 255,000 in Canada.

The most popular regions including Sarasota-Bradenton-Venice, Orlando-Kissimmee, Miami-Ft. Lauderdale-Palm Beach, Cape Coral-Ft. Myers, Tampa-St. Petersburg and Naples-Marco Island.

"We expect that the prices of houses belonging to pensioners in the state will be higher than the national average, due to the increasing number of retirees, the abundance of foreign capital and lower interest rates" , said Jack Ablin, chief investment officer, BMO Harris Private Banking.

Compared to their highs of 2006, prices have fallen 34% in Tampa, 30% in Phoenix, 43% in Las Vegas and 52% in Miami.  

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